Mozambique Treasury bills · auction of 7 December 2022
Mozambique T-bill auction, 7 December 2022: 364-day at 17.71%, up 1 bps
At the Treasury bill auction dated 7 December 2022, the Banco de Moçambique cleared the 91-day bill at 17.65% (up 1 basis point), the 182-day bill at 17.68% (up 1 basis point) and the 364-day bill at 17.71% (up 1 basis point). The rate shown is the weighted average subscription rate.
The auction was undersubscribed: bids totalled MZN 15.2bn against MZN 15.2bn on offer, 100% of the amount sought, and MZN 15.0bn was accepted.
At 17.71%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 13.40%, so the government is paying 431 basis points more than twelve months ago.
What this means for MZN 100,000
Worked from the published rate · information, not advice
MZN 17,710 in 12 months on the 364-day bill
Put MZN 100,000 into the 364-day bill at this auction and you get back MZN 117,710 after 12 months: MZN 17,710 in interest before any withholding tax, about MZN 1,476 a month.
That is MZN 10 more than the same money would have earned at the previous auction.
For shorter money: MZN 8,840 on the 182-day bill (6 months), MZN 4,413 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Mozambique’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 17.650% | 17.640% | MZN 7.00bn | MZN 7.19bn | MZN 7.00bn |
| 182-day | 17.680% | 17.670% | MZN 4.20bn | MZN 4.13bn | MZN 4.13bn |
| 364-day | 17.710% | 17.700% | MZN 4.00bn | MZN 3.87bn | MZN 3.87bn |
Source: Banco de Moçambique result · weighted average subscription rate
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Afronomics (2026). Mozambique Treasury bill auction, 7 December 2022, compiled from the Banco de Moçambique. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/mozambique/2022-12-07
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